By David Akinmola
Heirs Insurance Group (HIG) has announced a 70 per cent year-on-year surge in revenue for the financial year ended December 31, 2024, with combined Gross Written Premium increased to a sum of N61 billion.
The development, according the group mark a significant leap from the N35.8 billion recorded in 2023, as the group posted strong growth across all its subsidiaries and key performance indicators.
The group also noted that audited financial statements, approved by the National Insurance Commission (NAICOM) and audited by PricewaterhouseCoopers (PwC), the insurer also saw earned insurance revenue increase by 53 per cent to N31.4 billion, up from N20.9 billion, representing a 66 per cent year-on-year growth.
The group paid out N10.4 billion in claims during the year, nearly two and a half times the N4.18 billion disbursed in 2023, underscoring its commitment to customer trust and service delivery.
Heirs Life Assurance, the Group’s Life insurance subsidiary, delivered a particularly strong performance with its GWP rising by 85 per cent to N44.22 billion, from N23.87 billion in 2023. The company’s insurance revenue grew 10 per cent to N15.1 billion, while profit before tax jumped 193 per cent to N5.5 billion, up from N1.88 billion in the prior year. Claims paid rose 120 per cent to N5.5.67 billion, with investment income also increasing by 65 per cent to N4.6 billion. Heirs Life closed the year with N66.2 billion in total assets, a 75 per cent increase from 2023.
The group’s general insurance arm, Heirs General Insurance, also posted solid results. GWP rose by 42 per cent to N16.9 billion from N11.9 billion in 2023, while insurance revenue grew by 19 per cent to N14.3 billion. Profit before tax more than doubled, riseing 104 per cent from N2.4 billion to N4.9 billion.claims payout reached N4.7 billion. The company’s total assets stood at N26.7 billion at the end of 2024, a 48 per cent increase from the previous year.
Heirs Insurance Brokers, the Group’s broking and risk advisory subsidiary, also recorded strong growth, with revenue rising by 54 per cent to N1-97 billion from N1.28 billion in 2023. Profit before tax increased by 33 per cent to N805.91 million, compared to N528.59 million in the previous year, driven by improved client retention and operational efficiency.
The Group credited its strong performance to digital innovation, customer-centric products, and disciplined execution. It continues to expand its retail footprint and leverage digital tools such as its USSD code *1100#, the SimpleLife mobile app, its Al-powered Chabot Prince, and Nigeria’s first digital insurance experience centre to simplify access to insurance services.
Beyond financial performance, Heirs Insurance Group has also driven industry advocacy and literacy, including initiatives like the Heirs Insurance Essay Championship to promote awareness among young Nigerians, and its annual travel festival promoting inclusive insurance policies for mobility and tourism.
